Synthetic Fraud

 

Synthetic fraud is one of the most difficult types to prevent. Thankfully, Enformion’s powerful data and analytics can help. 

 

 

Synthetic fraud is a unique and intricate form of identity fraud where what is being imitated is a human being. Although synthetic fraud is mainly for stealing identities and making purchases, it can be used for so much more. Learn how Enformion can help.

Why criminals engage in Synthetic Fraud

Although synthetic fraud is mainly for stealing identities and making purchases, it can be used for so much more. Here are a few reasons why someone might need to conduct synthetic fraud:

  • Steal funds and escape government detection.
  • Facilitate human or drug trafficking.
  • Access real SSNs to live and work in the U.S while receiving benefits such as healthcare.
  • Escape persecution after getting into trouble
  • Fund luxuries lifestyles with thousands of fake credit cards.

Who is most vulnerable to Synthetic Fraud?

The elderly, homeless, and children are the most susceptible groups to synthetic fraud in the U.S. They are a demographic that doesn't use lines of credit often, thus making it easier for the criminals. However, children are the most vulnerable due to the randomization of the nine-digit SSN codes.

Fraudsters will either get lucky by using randomization software or purchasing unissued SSNs on the dark web. When the unlucky children come of age and need cars or student loans, they realize they have delinquent credit histories. Dealing with these issues before they can start building credit becomes a daunting task.

How to prevent Synthetic Fraud

Although online banking has made synthetic fraud easy, specific measures can help you mitigate the risk. Among the top solutions include leveraging Enformion's fraud mitigation software. You get access to advanced analytic tools and a vast database of public information, which help you detect fraud easily.

Read this blog post to learn more

Empower your team with flexible solutions

Batch Processing

Update large amounts of data quickly and easily with our batch appending option.

Learn More

Enformion API

Our API solutions allow you to integrate software systems for in-depth searches and display custom results using your own existing applications. 

Learn More

Cloud-based Platform

Enformion's cloud-based platform provides easy and convenient access to data, whenever you need it.

Learn More

Your trusted partner

Building lasting relationships with our clients and partners with a single driving force and common purpose – that your continued success is Enformion’s success.

Contact a Data Solutions Expert today

Ready to get started?

Get set up with a trial account, or get a demo from one of our Data Solution Experts.